KBRA Releases Rating Report for the Board of Education of the City of Chicago Unlimited Tax GO Refunding Bonds (Dedicated Revenues) Series 2018C and Unlimited Tax GO Bonds (Dedicated Revenues) Series 2018D
NEW YORK--(BUSINESS WIRE)--Nov 26, 2018--On November 20, 2018, Kroll Bond Rating Agency (KBRA) assigned the long-term rating of BBB with a Positive Outlook to the Board of Education of the City of Chicago Unlimited Tax General Obligation Refunding Bonds (Dedicated Revenues) Series 2018C and Unlimited Tax General Obligation Bonds (Dedicated Revenues) Series 2018D.
In addition, KBRA affirmed its ratings on the outstanding Board of Education of the City of Chicago Unlimited Tax General Obligation Bonds (Dedicated Revenues). The Series 2018C and Series 2018D Bonds are general obligations of the Board of Education of the City of Chicago issued under the Alternate Revenue structure and secured by the full faith and credit and unlimited taxing power of the Board. KBRA views the Alternate Revenue security structure as providing strong bondholder protection with a pledge of state education aid as the primary source of repayment and an established property tax levy as the secondary source of security.
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KBRA is a full service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus, is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider, and is a certified Credit Rating Agency (CRA) by the European Securities and Markets Authority (ESMA). Kroll Bond Rating Agency Europe Limited is registered with ESMA as a CRA.
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CONTACT: Analytical Contacts:
Kate Hackett, Managing Director
Harvey Zachem, Managing Director
Justin Schneider, Senior Analyst
Karen Daly, Senior Managing Director
KEYWORD: UNITED STATES NORTH AMERICA NEW YORK
INDUSTRY KEYWORD: PROFESSIONAL SERVICES BANKING FINANCE
SOURCE: Kroll Bond Rating Agency
Copyright Business Wire 2018.
PUB: 11/26/2018 10:47 AM/DISC: 11/26/2018 10:47 AM